SWIFT Tests Euro Stablecoin System Under MiCA Regulations

Societe Generale Enhances Interoperability with EUR CoinVertible Stablecoin

The global banking messaging network SWIFT has tested a euro stablecoin issued by Societe Generale as part of a collaboration aimed at improving interoperability between traditional financial systems and blockchain-based assets. Societe Generale's digital asset subsidiary, SG-Forge, announced that it successfully completed the exchange and settlement of tokenized bonds in both fiat currency and digital currencies.

The collaboration involved transactions using the EUR CoinVertible (EURCV) stablecoin, which the bank initially launched on the Ethereum platform in 2023. SG-Forge stated, “This initiative has demonstrated that tokenized bonds can benefit from existing payment infrastructures, enabling financial institutions and corporations to enjoy faster settlements and secure, compliant operational processes.”

EURCV is regarded as the first settlement asset on blockchain compliant with the European Markets in Crypto-Assets (MiCA) framework and is “natively compatible with SWIFT's interoperability capabilities.” Thomas Dugauquier, head of tokenized asset products at SWIFT, remarked, “By demonstrating that SWIFT can orchestrate multi-platform transactions of tokenized assets, we are paving the way for our customers to confidently adopt digital assets.”